ROCKINGHAM COUNTY MARKET REPORT March 2017
Presented by:
K L I N E RMe aAl tYy
HARRISONBURG & ROCKINGHAM COUNTY
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway
0.75%
14.89%
2.20%
3.64 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
229
1,322
$214,985
-39.33%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2017
Interstate
81
Grottoes
HARRISONBURG Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Overall Area Summary
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway
7.79%
12.37%
$183,273
Interstate
81
2.32 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
83
445
-0.51%
-50.30 %
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2017
Interstate
81
Grottoes
SOUTHEAST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
2.38%
23.48%
2.88%
4.31 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
43
284
$271,201
-41.83%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2017
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
26
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
1.29%
3.59%
81
3.13 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-29.73%
157
$231,578
-5.87%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2017
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
6.06%
16.59%
6.81%
5.51 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
35
246
$200,836
-17.86%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2017
Interstate
81
Grottoes
NORTHEAST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
38.89%
6.42%
$199.690
81
3.41 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
25
116
-0.27%
-59.20%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2017
Interstate
81
Grottoes
Overall Area Summary
MASSANUTTEN Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
54.55%
39.62%
7.07%
NORTHEAST ROCKINGHAM MASSANUTTEN
4.22 months
Elkton Route
33
HARRISONBURG JMU Route
17
74
$225,749
-57.68%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2017
Interstate
81
Grottoes
FINDING FOREVER HOMES
Kline May Realty is committed to helping the people in our community buy and sell homes. We want to help animals find their forever homes too. Once a month, we feature homeless animals from the RH-SPCA on our “Finding Forever Homes� segment. The segment is in its second year and has been a huge success. Most of the animals we have featured with the exception of just a couple have already found their new forever family. For example, Betty White, pictured above, is still searching. If you want to open your heart and your home to a new animal, please consider rescuing a shelter pet.
SALES ACTIVITY THIS MONTH RESIDENTIAL SALES BY MONTH Harrisonburg & Rockingham County, Monthly Sales, 2012-2017
What This Chart Shows: Residential home sales by month, over the past 5 years. This chart helps show seasonal trends in home sales.
Bottom Line: The spring market appears to have started a bit early this year, with a significant jump in sales during the month of March. Market activity in the winter and early spring is largely dependent on the weather, and this year’s mild weather has gotten Buyers out early. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 3/31/17
SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Harrisonburg and Rockingham County 2013-2017
What This Chart Shows: The number of residential properties on which Buyers and Sellers entered into contracts each month. This is an excellent indicator of future sales.
Bottom Line:
In addition to strong sales in March, we saw a 60% increase in the number of homes going under contract compared to February. Despite very low inventory, March’s total of 157 contracts is the highest for that month since the recession. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 3/31/17
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County March 31, 2017
What This Chart Shows: Total residential sales from January 1 until the date on this chart, for each of the past five years.
Bottom Line: Residential sales through the first quarter are 5% higher than last year. While this is a reasonable level of increase, the number would be much higher if sufficient inventory existed to meet the demand from Buyers. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 3/31/17
SALES TRENDS RESIDENTIAL SALES, PAST 12 MONTHS Harrisonburg & Rockingham County, Past 12 Months Sales, 2013-2017
What This Chart Shows: The past twelve months sales, for this month and each month since 2012. This is one of the best ways to see the true long term trend in the market.
Bottom Line:
We crossed the threshold of 1,300 homes sales in a 12-month period in December, and the trend continues upward. As of the end of March, the 12-months sales total was 1,322. This number represents a 14% increase over last year at this time.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 3/31/17
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY City of Harrisonburg 2012-2017
What This Chart Shows: The long term inventory trend in the City of Harrisonburg, with Single Family homes separated from Townhomes.
Bottom Line:
Although inventory turned slightly upward in March, overall levels are exceedingly low. This creates frustration for Buyers, intense competition for the houses available, and upward pressure on prices.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 3/31/17
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY Rockingham County 2012-2017
What This Chart Shows: The long term inventory trend in Rockingham County, with Single Family homes separated from Townhomes.
Bottom Line: After several months of steady decline, inventory is beginning to rebound in the county. However, current levels are 25% below this time last year. As in the city, intense competition for homes and upward pressure on prices.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 3/31/17
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017
1-Year Change Average - up 2.865% Median - up 2.949%
3-Year Change Average - up 8.502% Median - up 9.573%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: Prices have increased nearly 3% over the last year. However, we expect the rate of increase to go up fairly dramatically this year despite the fact that Buyers appear to be less emotional about competing for houses than in the mid 2000s. Instead of driving prices up irrationally, today’s Buyers withdraw from bidding when they reach their limit. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 3/31/17
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